Developer Sells Palm Island Mansion for $17 Million
Miami-based developer Pedro Adrian of Adrian Homes has recently sold his Palm Island waterfront mansion for a cool $17 Million. The buyer, listed under a LLC by the name of JLG Family Holdings LLC, purchased the property at $1,459 per square foot. The LLC is managed by Jorge and Aida Garcia of Miami Beach.
Located at 198 Palm Avenue, Miami Beach, this gorgeous estate was originally built in 2016 by Adrian and his wife Adria. Featuring 30,000 square feet of property and 100 feet of water frontage, this land is the perfect backdrop for the modern Mediterranean home.
The lot itself is considered one of the largest lots on Palm Island with one of the best views overlooking the downtown Miami Skyline.
The property features 14,000 square feet of unrivaled living space. A total of 6 bedrooms, 8.5 bathrooms, and a 4 car garage make this home truly spectacular. This mansion is not limited in amenities and the lucky buyers will enjoy a sauna, fitness room, and a temperature-controlled wine cellar.
This estate boasts top-of-the-line appliances and mechanicals. The backyard is complete with a 20×40 heated pool, expansive terrace with a summer kitchen and BBQ installation. The 2 large gazebos overlook the ocean and the spacious dock.
The Adrians own a primary home located at 145 Palm Avenue as well as an adjacent lot that features a tennis court.
Adrian Homes is a residential development company based in Miami. They have a long history with Miami and have been established in the area for the past 42 years. Adrian’s has built over 5,000 single-family homes as well as many retail and commercial centers in the Miami Area.
South Miami Welcomes NYC Restaurant in Summer 2022
Over the past year, Miami has seen a swarm of NYC eateries heading south including Carbone and COTE. Now we can add the Parisian-style bistro Pastis to the list. Pastis is famous for being the go-to French fare in the Meatpacking district and many celebrities have been known to frequent this famous restaurant.
Stephen Starr, James Beard Award-winning chef, and Keith McNally are the masterminds behind Pastis that have been in business for nearly 15 years. The new location is expected to open in the summer of 2022 at 380 NW 26th Street in the Wynwood neighborhood.
The design of the new location will be similar to NYC’s location. Designed by Paisely Design, the Miami location will feel like a “time-worn Parisian bistro.” Hardwood plans, a curved zinc bar, dark banquettes, subway tile, and vintage mirrors will flow effortlessly through the space. Handwritten daily specials along with the mosaic-tiled floor will bring the space together forming the vibe of the bistro.
According to Starr, “For the last few years, I’ve had my eye on Wynwood. I’ve witnessed the vibrant and artistic neighborhood transform into a booming cultural hub with an incredible dining scene. People want great food, energy, and a great location; Pastis Miami will be a perfect addition to the community.”
Pastis originally opened in 1999 in Manhattan, while quickly becoming the “go-to” spot for a-listers. In 2014, the building that the restaurant was in sold, and in the summer of 2019, they reopened and Starr joined the team.
Their classic menu includes French classics like steak tartare, onion soup, snails with garlic butter, trout amandine, filet au Poivre, and tuna Crudo.
Hors D’oeuvres
Oysters
Tuna Crudo
Shrimp Cocktail
Oeufs Mimosa
Sardines en Conserve
Artichokes
Entrées
Trout Amandine
Grilled Branzino
Half Roasted Chicken
Moules Frites
Duck à l’Orange
Grilled Lamb Steak
Lobster Frites
Dessert
Profiteroles
Paris-Brest au Chocolat
Vanilla Crème Brûlée
Baba Au Rhum
Groundbreaking for Onda Residences Officially Scheduled
The long-awaited Onda Residences has officially set a groundbreaking date for the beginning of November. According to a press release, the groundbreaking will take place on November 3 at 10:30 am located at 1135 103rd Street in Bay Harbor.
‘Onda Residences will rise 8 stories tall along the shore of Bay Harbor Islands. The tower is designed by award-winning architect Bernardo Fort-Brescia that will harness Italian-style finishes.
‘Onda’ itself in Italian means wave, and that’s exactly the effect the tower will have once seen off the shore. Developers include Ugo Colombo of CMC Group and Valerio Morabito of Morabito Properties. The lush landscaping will be designed by Enzo Enea who is responsible for the projects One Ocean and Icon.
This boutique waterfront tower will provide more than 300 feet of bay frontage with a private marina and views of Biscayne Bay and the Atlantic Ocean. The 41 luxury residences feature 2 + den to 4 bedroom options from 1,809 to 3,523 square feet floor plans. There are also 4 penthouses currently available as well.
Construction Information
Developers: Ugo Colombo and Valerio Mortabito
Interior Design: Carlo y Paolo Colombo
Architect: Bernardo Fort-Brescia
Residence Amenities
2 Bedroom + den (1,809 square feet) to 4 bedroom + den (3,523 square feet)
4 penthouse options
Spacious terraces available
Amenities
Private Marina with 15 boat slips ranging from 36 to 60 feet
Direct ocean access through Haulover inlet
Watersports launch dock with available kayaks, paddleboards, and inflatables
Covered valet drop-off
Personal parking spaces in a fully enclosed garage
Electric vehicle charging stations
Bicycle storage
Secured individual residential storage space
Front desk reception
24-hour security video surveillance
24-hour valet
Wi-fi available throughout all public spaces
FTTH (fiber to the home) for voice, video, and high-speed internet
Integrated digital concierge
Pricing
Price ranges from $1.8 million to $9.5 million
HOA is $1.29/sf
Deposit Breakdown:
10% with Reservation
10% at Contract
10% at Ground Breaking
10% at Top Off (summer 2022) /
60% at Closing
Construction is expected to be complete in early 2023. Onda is also at 60% pre-sold and a majority of the buyers are domestic.
U.S. Lifts Restrictions for International Travelers November 8th-Will this Change the Miami Real Estate Market?
Since the pandemic, the Miami condo market has flourished with record-breaking sales, massive tech companies making moves to Miami, and new developments being announced every day. One of the biggest variables that South Florida has always counted on was the international buyers, but due to travel regulations, foreign buyers have dwindled.
In the past 12 months, homes sales for international buyers have dipped to 31% making it the lowest since 2011, with Florida having the most sales to foreign buyers. Although Miami has seen a surge in condo sales this past year, the majority were domestic buyers.
With President Biden’s announcement of lifting travel restrictions for foreign travelers from certain areas in Canada and Countries in South America, this is big news for the real estate market itself. Beginning November 8th, vaccinated travelers can resume travel into the United States. With this, we can expect to have an increase in international buyers.
According to the Miami Chairman of the Board (MIAMI Association of Realtors), Jennifer Wollmann, with international travel resuming in the United States in November, the expectation is that foreign home buying will grow in the coming months.
According to Biz Journals, elections in Peru and Colombia are soon and South Florida may see an influx in buyers from those areas. The Senior Vice President of the Related Group, Eric Fordin has stated that he was surprised at the number of international buyers taking an interest in the District 225 project. According to Fordin, the new construction tower has over 100 buyers that are from Colombia.
Even with the increase in new construction towers, inventory remains at an all-time low for single-family homes and condominiums. Currently, there are only 631 condos in new or under construction remaining unsold.
According to The White House press release, there will be a second phase to requirements for all inbound foreign travelers in January 2022.
The Related Group Plans for Demolition of Site for New Tower-Miami Station
In January 2021, the developer, the Related Group revealed plans for a proposed transit-oriented tower called Miami Station. Now, plans are rolling out to begin demolition and preparation for construction.
The pre-construction site located at 525-533 NW 2nd Ave in the Overtown district of Miami recently filed to begin demolishing the current parking garage that sits on the site. The remains of the parking garage is that of the Logik office tower that stopped mid-construction during the recession in 2008. The concrete shell of the garage has never been utilized.
A separate lot is adjacent to MiamiCentral Station and is also the former site of the Krystal Tower that was never completed. A separate lot next door with the once planned tower, Avery MiamiCentral will eventually be added to the Miami Station site plan.
Once construction begins, the proposed tower will rise 41 stories at 459 feet tall. The proposed plans would include 309 apartments, over 200,000 square feet of office space, over 8,000 square feet of retail, and 510 parking spaces.
Units will feature studio to 3 bedroom floor plans a well as a few penthouse units ranging from 460 to 1428 square feet of living space.
The office space will occupy the first 12 floors with 13-foot slab to slab heights. The residential units will occupy the higher floors with 10-foot slab to slab heights.
Development Information
Developer: The Related Group
Demolition Contractor: BG Group
Architect: ODP
Structural engineer: B+J Consulting Engineers
MEP Engineer: Feller Engineering
Landscape Architect: Dixie Landscape
Exterior and Finishes: Facade +Envelope
Amenities
22nd-floor amenity deck
rooftop pool
Landscaped deck
Dog park
Several outdoor terraces
The date for the groundbreaking has not been set.
Miami Dade County Breaks More Records for Home Sales in September 2021
Home sale records continue to be crushed month over month for Miami-Dade, marking its best September sales in history and setting the bar for the most condos sold in a year’s time. The previous annual record was 17,142 in 2013, while the current condo sales have equaled 17,942 with only 3 months to go!
According to the Multiple Listing Service (MLS), homes sales for Miami Dade have risen 20.2% at 3,031 transactions. This is up from the 2,521 transactions that occurred in 2020. Simultaneously, we saw a dip in single-family home sales at 3.6% at 1,241. This may be due to the lack of single-family home inventory. Condo sales have exponentially increased at 45.2% at 1,790 for September.
According to the Miami Chairman of the Board Jennifer Wollmann, with international travel resuming in the United States in November, the expectation is that foreign home buying will grow in the coming months.
Miami is also on track to have its best year ever for single-family home sales. For September, single-family home sales have increased by 35.3% at 3,031 total transactions.
Miami condos sales have increased by 45.2% in September with major increases in pricing for properties over $250,000.
Luxury sales have also been in the records spotlight with a 31.4% increase with 209 sales for September. For properties $1 million and up, sales have increased 96.5% at 167 transactions. Currently, there is a 3.9 month of supply for luxury single-family homes and a 9.4 month supply for luxury condos.
Single-family home pricing falls between $400,000 to $600,000 increasing by 27.4% higher than September 2020. Condo sales also saw a heavy rise at 161.1% with sale prices between $400,000 to $600,000.
Inventory has decreased for both single-family homes as well as condominiums. Inventory single-family homes decreased by 42.1% since 2019. Condominiums have decreased from 68.8% since 2019 as well.
Single-family home median prices have increased by 11.5% from $435,000 to $485,000. Condo median prices have increased by 24.5% from $265,000 to $330,000
Miami-Dade cash sales are up by 62.2% and represent 37.3% of Miami’s closed sales in September. According to statistics from the National Association of Realtors, almost 23% of all United States home sales are cash. Cash sales count for 45.9% of Miami condo sales with 24.9% for single-family sales.
ARod Backed-Grand Station Apartment Tower is Complete and 80% Leased
Construction on Miami’s Grand Station Apartment tower has been completed. Alex Rodriguez and his partner Ricardo Vadio, owners of Rovr Development are the investors behind the $70 million construction project that was built on top of the existing Courthouse Center Garage.
Not only has ARod backed the construction of the project but his company Monument Real Estate Services is also the property Manager of Grand Station Apartments.
In early March 2020, partners for Grand Station obtained a $53 million loan from Saperian Capital to assist with the construction. Since Grand Station received their temporary certificate of occupancy in August, they have reached over 80% leased for the tower.
The tower located at 240 North Miami Avenue rises 30 stories and feature 300 units right in the heart of downtown. The development is a part of a public/private partnership with the Miami Parking Authority, which has assisted in adding an additional 350 spaces for the building totaling 1,200.
The tower features studio to 2 bedroom apartments with a monthly rent that ranges from $1,800 to $2,500. All units boast Italian kitchen cabinets, quartz counters, stainless steel appliances, and an in-unit washer and dryer.
The luxury tower amenities include an indoor pool, rooftop terrace with pool, outdoor kitchen, hot tubs, fitness center, and club room.
Zyscovich Architects and Anillo, Toledo, Lopez LLC are responsible for the design of Grand Station.
Rovr along with the Related Group and Airbnb are the masterminds behind the new development, The District located at 225 North Miami Avenue.
New Gin Focused Restaurant Opens in Coconut Grove
Photo Credit: Botánico Gin and Cookhouse
Botánico Gin and Cookhouse has officially opened its doors in Coconut Grove’s Cocowalk and it’s exactly what you think it is! Botánico is the first ‘gin-centric’ eatery offering the most extensive and unique gin-focused cocktails in Miami.
The co-owners, Ricardo Ordoñez and chef Gerardo De Negri are the brains behind the menu and unique concoctions. Ordoñez and De Negri have created such a unique dining experience focusing on modern American cuisine that highlights some Ecuadorian ceviche family recipes.
The gin menu includes 15 gin and tonic botanical variations infusing lavender, lemon, grape, crystallized ginger, and/or green apple. Whether you enjoy citrus, herbs, or fruits, flavors can be fully modified to appeal to any gin connoisseur. Not only does it have a well-versed gin menu but it also features a fully stocked bar with an extensive wine menu.
Photo Credit: Botánico Gin and Cookhouse
Botánico not only features the best gin drinks in Miami, but they also have an extensive wine program featuring over 2,000 bottles from around the world including; Mexico, Croatia, and Uruguay. The wine is stored in a state-of-the-art glass-enclosed and temperature-controlled cellar.
If the cocktail menu doesn’t appeal to you, then you will definitely be satisfied with the food options. The menu highlights octopus carpaccio, duck confit, short rib, and pulled pork. French-themed burgers, marinated shrimp, and their artisan cheese boards are the stars of the menu.
Botánico’s atmosphere is a relaxed sophistication with marble touches, porcelain tiles, and natural woods strategically placed throughout. The rainforest green marble bar wraps around the space creating the perfect ambiance. Two expansive patios with lush landscaping will create the perfect al fresco dining experience. The building itself located at 3015 Grand Avenue, Suite 123 is a 3,009 square foot space with 150 seating availability.
Photo Credit: Cocowalk
JSX Announces ‘Hop-On Jet Service’ Flights from Miami to Texas and New York
Miami welcomes JSX, a “hop on jet service” with crowd-free flights on private planes. With JSX’s announcement comes all the special privileges of a private jet without the hefty price tag.
Their East Coast routes will link Miami International Airport to New York and Texas with flights beginning November 18th. Fares from Miami to Westchester County, New York start at $749 one way, and Miami to Dallas start at $499 one way.
The best part of JSX flights is that they offer guests the ability to check-in for flights 20 minutes prior to departure between private terminals at Miami International Airport. Not only do they have a quick check-in, but there are also no crowds and 30-seat jets with business class legroom. JSX also offers two free checked bags, free snacks, and drinks.
According to the CEO of JSX, Alex Wilcox, “Since day one, our Customers have asked JSX to serve the East Coast and I am thrilled to say that our distinctive style of flying has finally arrived. It’s no secret that demand from New York and Dallas to Florida is at an all-time high, and we are delighted to bring our hop-on jet service to these vibrant markets ahead of the busy holiday season.”
JSX created this flight experience for anyone who values their time and wants a world-class experience, from business travelers, first-class fliers, to families looking for quick flights.
JSX is the first and only carrier that links Westchester County to Miami International Airport and the first “uber-like” plane carrier linking Dallas to Miami. Welcome to flying redesigned!
Photo Credit: JSX Website
New Waterfront Condo Development Proposed in Edgewater
The same developers that brought you One Thousand Museum are proposing a new waterfront luxury condo development in the Edgewater neighborhood. Receiving its name from its street address, 710 N.E. 29th Street, 729 Edge will sit on 0.47 acres along Biscayne Bay.
The five parcels that the developers have planned for this project are currently under contract and they also plan to buy out Harbor 29 condominiums for this development as well.
The project itself would expand 342,848 square feet rising 58 stories tall. There would be a proposed 70 luxury units with three to five-bedroom options. The breakdown of the units would be one to two units per floor. Full floor units would expand a total of 6,174 square feet. 729 Edge would also feature 2 penthouses-styled townhomes spanning two floors.
The parking garage would rise 9 stories featuring 160 spaces. The garage is planned to be developed on 483, 485, 501, and 530 N.E. 29th Street totaling 0.41 acres. These lots are also under contract with the developers.
There would also be 13,037 square feet of commercial space between two buildings with a restaurant on the lower level of the condo tower.
Zaha Hadid with ODP Architecture & Design was the mastermind behind the design of One Thousand Museum. For 729 Edge, ODP will be the architecture and will feature some similar elements to Hadid’s designs.
Amenities will be similar to those of One Thousand Museum.
Tower Amenities:
Private dock
Lounge/bar
Business center
Private dining room
Theater room
Storage space for owners
Fitness room
Salon/spa
Indoor pool
Juice bar
Sky lobby on the top floor
Plans for 729 Edge have already been submitted to the city’s Urban Development Review Board but will be reviewed on October 20th. Proposed by 710 Edge LLC, owned by Kevin Venger, Michael Konig, Louis Birdman, and Alex Posth were also a part of the development of One Thousand Museum.
